HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally

Bitcoin 2020/05/09 16:50 by Tony Spilotro
The devastating day now known as Black Thursday took Bitcoin price down to $3,800. The sharp collapse also knocked the asset out of a logarithmic growth curve it had been following its entire history. This latest, over 160% rally has now reclaimed that generational log curve, making it the greatest shake out the cryptocurrency market has ever witnessed. Bitcoin Reclaims Log Growth Curve After Greatest Shakeout In Crypto History Bitcoin price had been trading at over $10,000 in February, after an early rally in 2020. The stock market alongside it had set a new all-time high. But a spreading pandemic and its impact on the economy had other ideas for markets, causing a catastrophic collapse. The stock market suffered its worst quarter close on record as a result, and Bitcoin fell out of a logarithmic growth curve it traded within for over ten years. Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets  The drop out of the growth curve had even the most dedicated Bitcoin supporters wondering if it could actually go to zero. Oil prices falling into negative territory alongside Bitcoin’s demise only further fueled these fears. However, markets have been recovering thanks to stimulus checks handed out by the US government. The economy is reopening, and the pandemic is slowing. Bitcoin has now rallied over 160% from its recent bottom and has reclaimed the log curve, leaving the greatest shake out in crypto history on Bitcoin price charts. Possible Price Targets Based on Logarithmic Growth Curve Bitcoin is trading back withing the all-important logarithmic growth curve. It can once again be used with some confidence for upside price targets and finding the next potential peak. Upside targets can be established by targeting the upper band. Selecting key dates that may act as logical tops for Bitcoin, can provide sensible and realistic price levels. There is a tendency for Bitcoin to reach set its tops and bottoms in December, so December 2020, 2021, and 2022 have each been selected. Potential top levels put Bitcoin price reasonably at $88,000, $130,000 and $160,000 respectively. As time goes by, the potential growth slows and volatility within the curve declines. Related Reading | One Week Away: Comparing Past Pre-Halving Bitcoin Price Action  Each time the crypto asset passes through the median line, it has set a new all-time high price record. Falling through it has resulted in a bear market. In the example above, it failed to break through the median in June 2019. Each new bull market has been the result of Bitcoin’s halving, which is just three days away. Now that the shakeout is over, Bitcoin has reclaimed the log curve, and the halving is here, the next bull market may finally be next. Featured image from Pixabay, Charts by TradingView  

0 Like(s)



You should also read...

Bitcoin 09/12/19 20:00 by Tony Spilotro
Logarithmic Growth Curve Charts Bitcoin Price At $170K in 2028
Bitcoin price predictions are all over the map, with some expecting the price to reach zero, while others expect beyond a million dollars per BTC. One cryptocurrency analyst has charted the asset usin...
Read More
Bitcoin 10/12/19 22:00 by Cole Petersen
Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?
$100,000 has long been a popular Bitcoin (BTC) price target amongst cryptocurrency investors and analysts, but there is much debate as to whether or not this is a realistic target for the cryptocurren...
Read More
Bitcoin 14/05/20 18:00 by Tony Spilotro
This Morning’s Bitcoin Rally Filled The CME Futures Gap, Now What?
An early morning rally in Bitcoin price filled a CME Futures gap to the upside leftover from the weekend’s post-halving profit-taking drop. Now that the gap has been filled, where may Bitcoin be...
Read More
Altcoins 29/07/20 22:00 by Tony Spilotro
Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021
XRP is a polarizing cryptocurrency asset, perhaps the most across the industry. It has some of the most die-hard believers, while others despise its very existence in the top ten assets by market cap....
Read More
Bitcoin 27/01/21 21:00 by Tony Spilotro
A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down
Bitcoin price is barely holding onto support at $30,000 and it could soon be lost for some time to come, if a pattern that has cut the cryptocurrency down to size confirms. The pattern itself has prov...
Read More